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The SCSI Residential Property Price Monitor is a quarterly sentiment survey of SCSI members conducted jointly with the Central Bank of Ireland, consisting mainly of estate agents, auctioneers, and surveyors. The quarterly report, released this month, recorded an expectation that national property prices will increase by an average of 4.5% over the next 12 months, with a significant driver of the forecasted increase being lack of housing supply. The report also highlighted the Affordability Gap, (see chart below) outlining 5 scenarios faced by an average couple seeking to purchase a new three-bed semi-detached house in five counties. The report highlights the contribution of the Help to Buy relief and of the First Home Scheme (FHS) in bridging the gap, but notes that homes of this type in Kildare, Wicklow, Cork and Galway exceed the price ceilings set for the FHS, making them ineligible. You can read more in Charlie Weston’s Irish Independent article here. |
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The chink of light is that construction costs are levelling off and interest rates are forecast to continue to fall. Housing supply will improve so, the best advice I can give right now is for you to get mortgage-ready. Understand what you need, what funding support resources are available to you and when to make a move. We’re here to help when you need us! Contact Us Today! Cork office: 51 South Mall, Cork Phone: +353214277037 or +353868060601 for a complimentary initial chat |
